FxWirePro- CADJPY Daily Outlook
Chart Pattern-Bearish Divergence
CADJPY trading higher for a third consecutive week and jumped nearly 700 pips on weak yen. The bullish trend in the Canadian dollar due to the surge in crude oil prices also supports the pair. It hits a high of 96.50 yesterday and is currently trading around 96.153.
In the weekly chart, RSI and CCI (50) formed bearish divergence.
On the lower side, near-term support is around 95.40 and any violation below will drag the pair down till 94.77/92.75/92/91.58.
The immediate resistance is at 96.50, a breach above targets 97/98.25. Major trend continuation only above 100.
It is good to sell on rallies around 96.15-20 with SL around 97 for TP of 94.75.
